Credit Suisse Bulk Settlement Practice Fair Fund Administrator Announces Notice Of Distribution Plan

WASHINGTON, July 25, 2016 /PRNewswire/ -- If you purchased or otherwise acquired residential mortgage backed securities ("RMBS") related to certain RMBS trusts underwritten by Credit Suisse between 2005 and 2007, you may be entitled to receive a payment from the Credit Suisse Bulk Settlement Practice Fair Fund.

UNITED STATES OF AMERICA
Before the SECURITIES AND EXCHANGE COMMISSION

On November 16, 2012, the United States Securities and Exchange Commission ("SEC") issued an Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order ("Order") against Credit Suisse Securities (USA) LLC, DLJ Mortgage Capital, Inc., Credit Suisse First Boston Mortgage Acceptance Corp., Credit Suisse First Boston Mortgage Securities Corp., and Asset Backed Securities Corporation ("Respondents") in connection with Respondents' Bulk Settlement Practice ("BSP"), described in the Background section below.

The Order provided for a fair fund to be created for the disgorgement, interest and penalties paid by Respondents ("BSP Fair Fund"). Respondents have paid disgorgement of $55,747,769, prejudgment interest of $13,000,000, and a civil penalty of $33,000,000, for a total of $101,747,769 to be distributed to harmed investors.

Background
From approximately 2005 to 2010, Respondents entered into a number of financial settlements with loan originators related to early defaulting loans that it had previously sold to RMBS trusts it sponsored ("Trusts"), then kept the proceeds of those settlements without notifying or compensating the RMBS trusts that owned the loans (Respondents' "Bulk Settlement Practice," or "BSP"). As a result of this conduct, including misrepresentations and omissions of material fact, Respondents improperly obtained $55,747,769. The SEC ordered Respondents to pay, jointly and severally, a total of $101,747,769 in disgorgement, prejudgment interest, and civil money penalties.

The SEC's findings involving the Bulk Settlement Practice relate to 75 RMBS offerings underwritten by Credit Suisse from 2005 to 2007. A complete list of Eligible Harmed Trusts and Certificates can be found as Exhibit A to the Plan, which is posted at www.CreditSuisseBulkSettlementPracticeFairFund.com.

The Plan of Allocation
The BSP Fair Fund less any taxes that may be assessed against it ("Net Available Fair Fund") will be allocated among the Harmed Trusts based on the proportion of the disgorgement paid by Respondents attributable to the loans owned by each Harmed Trust. Exhibit B to the Plan, which is available at www.CreditSuisseBulkSettlementPracticeFairFund.com, shows the percentage of the Net Available Fair Fund allocated to each of the Harmed Trusts.

Preliminary calculations will be made for all Eligible Claimants in each Harmed Trust on a pro-rata basis determined by the Eligible Claimant's investment in the Harmed Trust divided by the sum of all Eligible Claimants' investments in the Harmed Trust. Recognized Claim amounts will be calculated for all Eligible Claimants in each Harmed Trust whose preliminary calculation amount exceeds a $250 Distribution De Minimus, as set forth in the Plan.

How to Participate
If you believe you are an Eligible Claimant and would like to participate, you must submit a Proof of Claim Form by November 15, 2016. If you have not received a copy of the notice materials, you may download a copy at www.CreditSuisseBulkSettlementPracticeFairFund.com, or request a copy by calling the Fund Administrator at (844) 760-7884 or writing to

Credit Suisse Bulk Settlement Practice Fair Fund
Fund Administrator
c/o Gilardi & Co. LLC
PO Box 30225
College Station, TX 77842-3225

For More Information
This notice is a summary only. It is strongly recommended that you read the Distribution Plan, including the Plan of Allocation, and other relevant case documents in their entirety for more complete details. The documents can be found at www.CreditSuisseBulkSettlementPracticeFairFund.com. You may also visit www.sec.gov/enforce, call the dedicated toll-free number at (844) 760-7884, or send an email to [email protected].

Special Notice to Brokers and Nominees
Brokerage firms, banks and/or other persons or entities who held Certificates for the benefit of others are asked to view the full Notice at www.CreditSuisseBulkSettlementPracticeFairFund.com to review additional instructions from the SEC.

SOURCE Credit Suisse Bulk Settlement Practice Fair Fund Administrator

Related Links

http://www.creditsuissebulksettlementpracticefairfund.com